The Jeff Koons thing is all money laundering. Art selling for tens of millions of dollars. Many examples of how this is done. Per Quora, here is one:
How to launder money with expensive art pieces:
You start with a sum of dirty money, say, 1 million dollars in cash.
You look out for an auction for some art masterpieces to bid for.
You use up your 1 million dollars dirty cash in exchange for a number of art masterpieces.
You bring those art masterpieces to the bank, take up a loan amounting to 900,000 dollars (or even 1 million if you have good connection), using the art as collateral.
The Jeff Koons thing is all money laundering. Art selling for tens of millions of dollars. Many examples of how this is done. Per Quora, here is one:
How to launder money with expensive art pieces:
You start with a sum of dirty money, say, 1 million dollars in cash.
You look out for an auction for some art masterpieces to bid for.
You use up your 1 million dollars dirty cash in exchange for a number of art masterpieces.
You bring those art masterpieces to the bank, take up a loan amounting to 900,000 dollars (or even 1 million if you have good connection), using the art as collateral.
How to launder money with expensive art pieces:
You start with a sum of dirty money, say, 1 million dollars in cash.
You look out for an auction for some art masterpieces to bid for.
You use up your 1 million dollars dirty cash in exchange for a number of art masterpieces.
You bring those art masterpieces to the bank, take up a loan amounting to 900,000 dollars (or even 1 million if you have good connection), using the art as collateral.
You now have clean money loaned from the bank.
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